Partnerships

Our highly skilled partnership tax services professionals provide end-to-end tax compliance and consulting... Show more support across the full lifecycle of an operating partnership – from formation through operation to liquidation or exit – helping our clients navigate the evolving tax landscape and deliver on what matters most to their partners. Our services span annual income tax reporting and compliance, partnership allocations and annual maintenance of tax and Section 704(b) capital, tax basis balance sheet preparation, transaction reporting implementation, and equity event consultations– giving clients a single, coordinated resource throughout the life of their partnership.

Our highly skilled partnership tax services professionals provide asset management clients – including private equity funds, hedge funds, fund of... Show more funds, private credit funds, and other alternative investment vehicles structured as partnerships – with specialized tax compliance and consulting services throughout the fund lifecycle. Our services span annual income tax reporting and compliance, partnership allocations and annual maintenance of tax and Section 704(b) capital, tax basis balance sheet preparation, and carried interest and compensatory options planning,among other matters.

Our partnership tax services professionals provide consulting support for the complex events that arise... Show more throughout the life of a partnership – from structuring through equity events, mergers, divisions, recapitalizations, and debt workouts, to liquidation and exit modeling.

We assist clients with modeling of Section 704(c), Section 743(b) basis adjustments, and Section 734(b) adjustments, along with broader complex capital account and allocation matters. Our team also advises on structuring mergers, divisions, and recapitalization events, reviews transactions for potential disguised sales, addresses the tax implications of equity events such as redemptions and unit/interest compensation, models liquidation and exit scenarios, and supports clients through debt workouts and related cancellation of debt matters. By combining deep technical knowledge with a coordinated, end-to-end approach, we help clients navigate complex partnership transactions with confidence.

The Bipartisan Budget Act of 2015 (BBA) created a centralized partnership regime for IRS audits and partnership-initiated corrections to... Show more previously filed returns. The BBA regime has added significant complexity to both examinations and the amended return process, including allowing the IRS to audit partnerships more easily. Our team of tax professionals help partnerships navigate the complex BBA rules, IRS examinations, and procedures for adjusting previously filed returns.